Car Subscription Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Car Subscription Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

  • November 2021 •
  • 145 pages •
  • Report ID: 6185689 •
  • Format: PDF
The global car subscription market exhibited strong growth during 2015-2020.

Looking forward, the analyst expects the market to grow at a CAGR of 17% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

Car subscription refers to a fee-based service for automobile ownership with a fixed periodic recurrent payment. The subscription plan enables the user to acquire a motor vehicle in return for a monthly fee for a duration of minimum one month to a few years. It also provides facilities of multiple switches of the subscribed car from different brands and covers additional vehicle expenses, such as insurance and maintenance. In comparison to owning a vehicle, subscription models are more cost-effective, have no down payments and can be used for both internal combustion engine (ICE) and electric vehicles.

Car Subscription Market Trends:
Rapid digitization of the automotive industry across the globe is one of the key factors driving the market growth. With the increasing availability of high-speed internet and utilization of smartphone applications, car subscription service providers are offering online and offline-based platforms to facilitate convenient booking, pick up and drop and maintenance activities. Moreover, as the coronavirus disease (COVID-19) continues to spread, consumers are minimizing the usage of public transport facilities, such as metro, taxis and buses, and adopting car subscription services to travel in private vehicles. Additionally, various technological advancements, such as the integration of connected devices with the Internet of Things (IoT) and artificial intelligence (AI) solutions, are acting as other growth-inducing factors. These innovative technologies provide real-time tracking, consumer feedback, driving analysis, alerts of rash driving, geofencing, engine monitoring and service history facilities. Other factors, including rising expenditure capacities of the consumers, along with extensive infrastructural developments, especially in the developing economies, are anticipated to drive the market toward growth.

Key Market Segmentation:
the analyst provides an analysis of the key trends in each sub-segment of the global car subscription market, along with forecasts at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, service providers, vehicle type, subscription period and end use.

Breakup by Service Providers:
OEMs and Captives
Independent/Third Party Service Provider

Breakup by Vehicle Type:
IC Powered Vehicle
Electric Vehicle

Breakup by Subscription Period:
1 to 6 Months
6 to 12 Months
More Than 12 Months

Breakup by End Use:
Private
Corporate

Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Carly Holdings Limited, Cluno GmbH (Cazoo Limited), Cox Enterprises Inc., Facedrive Inc., Lyft Inc., Onto Ltd., OpenRoad Auto Group, The Hertz Corporation, Wagonex Limited and ZoomCar.